Big, Really Big Data: What can you do with this?

Big data is a big, but a really large amount of information that can be analyzed in different ways so as to reveal associations between customers’ behaviors, or patterns and trends, or even product tracking data.

This information can be sourced internally or externally. Internal would apply to data stored in sales, accounting, financial, marketing, CRM, etc. While external would be household data, external customer information like social media, credit cards or zip code (location), or information that third-party vendors can sell.

How was life…

BBD (Before Big Data)

People really needed to connect, in person, fill some forms or subscriptions in the store, and only at that moment do storeowners or marketers have knowledge of who were their customers. But even though store owners could have this information, they couldn’t do much. There was so much other stuff that was part of their customer’s life that wasn’t contemplated in that e-mail or cellphone they used to subscribe to.

The world changed and much more elements were set in between store owners and customers, which made no more than separate them.

Something had to connect them back: Loyalty programs appeared as a good option to re-connect with customers at the time. But then the digital age made its way to star separating them again.

The good thing was that digital came with something good and new: big data.

ABB (After Big Data)

Big data involves every single dot of information that helps companies build personal profiles. GPS, Social Media, past purchases, reviews, interests, and much more information is provided. You now can know, almost, everything about your consumers and of people that lookalike like your customers. All of this information is relevant, by itself or when connecting it with other data.

Taking advantage of knowing everything

Capturing all kinds of information in only a second is a great benefit that nowadays companies have. But the secret is knowing what to do with it. Big data gives marketers the opportunity of tracking, segmenting, targeting, and showing their customers the product they want, in the place they are, at the time they need it.

Predicting what the customer would like, based on past purchases or even based on similar profiles past purchases, is an excellent data set that will help marketers put the money in where it’s needed to succeed. Showing the right ad to the right person at the right time: Thanks, big data!

At last, creating connections with your customers, building a relationship with them in which they are benefited and you, as a company, are too is the power of re-building the loyalty program once existed.

Hope you liked today’s “Let’s talk about…” topic, I look forward to reading your comments and positions about it! If you want to know more about marketing research, check this post!

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